This one-way market is already becoming boring. I'm more and more inclined to the following long term view:



The only question mark in such scenario would be whether it was already end of .382 W2 at July lows or if it still needs some more downside to conclude (and form a Flat or TD ABCD).
I agree with Jim that longer term all the permabears are going to be rather unpleasantly surprised.

Wow, on the ZN after that initial pop that's some drop. Looking on a tick chart.

ZN bounce after that just a small correction, it's now dropping like a stone. Rates really backing up. That's a new low for the entire down move. I love it.

I see last developments as another green set that played out:

That upsloping red TL you show is key in here. Watch that closely.

Okay, gold, which dropped hard, is starting to rise off an ABCD, and ES is starting to rise off that TL. Is that it? Watch the ZN.

Notice a new high for the 'bulls#$&' market was set by... drum roll... one tick.

Notice how the recent rise, after the blast up, looks like a rising wedge.

This is line to line so far in this drop:

Originally posted by jimkane

That upsloping red TL you show is key in here. Watch that closely.

Clearly breaking away from it now:

Okay, getting some follow through here. Nice.

Probably just some OpEx thing.